Dutch Trader Investor takes you into the world of small caps. The stocks discussed in this blog are Unloved, Undervalued and Underowned. Some for a reason and others just because investors don't know the real story.

Thursday, October 14, 2010

Winding Down of Operations
During the quarter ended June 30, 2010, the Company began winding down its operations. During the fourth quarter ended June 30, 2010, the Company did not have any operating income. The weak economic market, which resulted in a significant decline in revenues of all areas of the Company’s business, led to the Company’s decision to wind down its operations. Thus, the Company currently has no business operations and is considered a shell company. Management is currently looking to either sell shares of the Company to a third party through a reverse acquisition or complete a business combination or other similar transaction.

The Company currently has some nominal office equipment remaining on the books. The Company is currently looking for a buyer to purchase these assets.

Going Concern
We received a report from our independent registered public accountants, relating to our June 30, 2010 audited consolidated financial statements, containing an explanatory paragraph regarding our ability to continue as a going concern.

As a company with no operating business, management believes that the Company will not be able to generate operating cash flows sufficient to fund its operations in the next twelve months . Based upon our current limited cash resources and without the infusion of additional capital, management does not believe the Company can operate as a going concern beyond one year.

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, our consolidated financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Since winding down our operations in the quarter ended June 30, 2010, we have had no continuing business operations. Accordingly, the results of our operations for years ended June 30, 2010 and 2009 are not comparable.

As already stated in previous posts RED FLAGS were all over the place that's why we didn't cover the stock anymore.

Subscribe To

Interesting Books

Followers

About Me

This blog is made by "Dutch Trader" and is for information purpose only. All statements and expressions are the opinion of the owner and are not meant to be a solicitation or recommendation to buy, sell, or hold securities.
I am a long term contrarian value investor and not a trader. My 3U philosophy: Unloved, Undervalued, Underowned.
I studied Management, Economics and Law at the Fontys Business School in the Netherlands and my passion is Investing.
During the Eighty Years' War the Dutch provinces became the most important trading centre of Northern Europe, Dutch ships hunted whales off Svalbard, traded spices in India and Indonesia (via the Dutch East India Company) and founded colonies in New Amsterdam (now New York), South Africa and the West Indies.
Speculation in the tulip trade led to a first stock market crash in 1637, but the economic crisis was soon overcome. Due to these developments the 17th century has been dubbed the Golden Age of the Netherlands. The name "Dutch Trader" is a remembering of this period.